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Paradox of choice in a mandatory pension savings system : challenges for Australian retirement income policy

Gallery, Gerry T. & Gallery, Natalie (2005) Paradox of choice in a mandatory pension savings system : challenges for Australian retirement income policy. Policy and Politics, 33(3), pp. 519-532.

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Abstract

As the Australian pension system has become increasingly privatized and less regulated, decisions about the quantum and nature of pension investments have progressively shifted to pension fund members. This choice environment provides members with the ability to control their own pensions, but it also creates challenges for ensuring pension assets are managed in way that will maximize returns and, ultimately, retirement benefits. Government initiatives to address these challenges have principally focussed on disclosure and education and not on the more pervasive behavioural constraints that limit the effectiveness of the existing policy. We advocate policy solutions consistent with libertarian paternalism where the government provides a competitive choice environment, but actively intervenes to set suitable pension savings and investment defaults.

Impact and interest:

5 citations in Scopus
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4 citations in Web of Science®

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ID Code: 4840
Item Type: Journal Article
Additional URLs:
Keywords: Retirement income, policy, Mandatory pension savings, Superannuation, Australia
DOI: 10.1332/0305573054325675
ISSN: 0305-5736
Subjects: Australian and New Zealand Standard Research Classification > STUDIES IN HUMAN SOCIETY (160000) > POLICY AND ADMINISTRATION (160500) > Public Policy (160510)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Copyright Owner: Copyright 2005 Policy Press
Copyright Statement: Reproduced in accordance with the copyright policy of the publisher.
Deposited On: 23 Aug 2006
Last Modified: 29 Feb 2012 23:21

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